ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon PrintIcon Twitter
Business deals

Toyota and Panasonic to build electric car batteries together

Japanese duo eyes pole position in field crucial to auto industry's future

Panasonic supplies lithium-ion batteries and solar panels for Toyota's Prius plug-in hybrid.

NAGOYA, Japan -- Toyota Motor and Panasonic plan to set up a joint venture in 2020 to manufacture batteries for electric vehicles, joining forces to compete more effectively on cost and scale with rising Chinese players in a key area for the future of the auto industry, Nikkei has learned.

The venture, in which Toyota is to hold a 51% stake with Panasonic owning the rest, will be announced as soon as this week. Panasonic will shift five automotive battery production facilities in Japan and China to the new company, though the U.S. plant it operates under a partnership with American automaker Tesla will not be included.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more